Blog Post

Your Will

partners • Oct 05, 2017

A Will is an important document that sets out how you want your property (that is all your possessions) disposed of when you die. Once you die, everything you own is called your estate. The Wills Act 2007 which came into force on 1 November 2007 covers this area of the Law and anyone 18 years or above and of sound mind can and should make a Will. It is important to make a Will to express how you want your assets distributed when you die. If you die without a Will, your assets would still be distributed however, the beneficiaries of your estate would be determined by the Administration Act 1969. This may not be the way you wished your assets distributed.

What if I already have a Will

It is very important that your Will is up to date and reflects your current wishes. We recommend that you revise your Will at least every 5 years or as your circumstances change (eg. Your relationship status changes, deceased family members, sale or other disposal of properties, family loans, inheritance). Since 2007 there are new powers in the Wills Act and some of these provisions do not apply to Wills made before 1st November 2007. This may mean that your current Will needs to be renewed.

Your Will should provide for payment of debts and liabilities; this will include your funeral expenses and legal fees incurred in administering your estate.

What my Will Includes

Executors: We recommend having a least 2 executors – people who will be responsible in carrying out your wishes as per your Will and to administer your estate until it is distributed. We at Ward Adams Bryan-Lamb will assist your executors in their duties which include proving your Will through the High Court (Probate), receiving cash assets, paying debts, selling property and distributing your estate.

Beneficiaries: Any person, organisation or charity can benefit from your Will; however you should always make provisions for your dependents as they may be able to make a claim under the Family Protection Act.

Legacies: You may wish to leave specific items of sentimental value or sums of money to certain people, organisations or charities. These may be included in your Will or you may make a provision in your Will asking the executor to observe any list you have left. We will discuss this with you.

Debts: Your Will should provide for payment of debts and liabilities; this will include your funeral expenses and legal fees incurred in administering your estate.

Residue: Once your legacies and debts are paid the rest of your estate (residuary estate) will be distributed between your chosen beneficiaries. Your will can cover a wide range of matters and we will discuss all of these matters with you when we help prepare your Will. At Ward Adams Bryan-Lamb we are experienced at making Wills and administering estates. As with other legal services, we make a charge for preparing Wills and while people may not want to spend money by making their own Wills, we speak from experience in saying that spending a little now to ensure your Will is prepared correctly can ultimately save your estate and family members a lot in terms of time, money and perhaps most importantly grief.

If you do not currently have a Will, or your Will is more than 5 years old, do not wait, talk to us today. Phone: 03 218 2833

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